The following Practice Compliance guidance note Produced in partnership with Travelers Insurance Company Limited provides comprehensive and up to date legal information covering:
Securing professional indemnity insurance (PII) cover is not always easy, even for an established firm. You could find that your insurer is not willing to renew the policy, or you may face significant increases in premium.
Also, when making a decision about which insurer to place your cover with, claim handling and added value services may or may not be important to you, but it is worth ensuring you understand any differences in the insurance offering.
This Practice Note explains some practical examples of how best to tackle the renewal of your PII policy. For guidance on the regulatory requirements applying to PII, see Practice Note: Professional indemnity insurance 2019—law firms.
A list of participating insurers is available on the SRA’s website. Most participating insurers prefer to be contacted by broker only—the SRA’s list of participating insurers indicates where this is the case.
Choosing the right insurer is very important.
There have been as many as 39 and as few as 20 participating insurers since the open market arrangements began in 2000.
Some insurers will write only specific areas of the market, such as firms with more than five partners, which reduces the available pool of possible underwriters still further.
The bottom line for most firms will be price but not all insurers are the same and it is worth considering whether you
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